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Old 02-02-2013, 04:08 AM
 
12 posts, read 14,011 times
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That certainly seems to be the case even though I hear Bay Area being so expensive shouldn't be a reason for being ruled out. I will have about $800K of liquidity with my current home included, but it seems like I will go totally bankrupt if I were to buy home that will be slightly below the kind of home I current have here in expensive part of Virginia. So should the home price be the deal breaker so do movers end up renting even if they owned elsewhere?
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Old 02-02-2013, 10:15 AM
 
Location: SF Bay Area, CA
5,215 posts, read 4,704,110 times
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Many folks rent first, to understand the neighborhoods that they will eventually want to buy a home in.

I am orignally from the Bay Area, but relocated to Southern California for school and work for many years. Moved back and rented a house first, to fully understand where I would want to buy eventually.
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Old 02-02-2013, 11:50 AM
 
1,424 posts, read 2,471,016 times
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Quote:
Originally Posted by goHoCoVA0000 View Post
That certainly seems to be the case even though I hear Bay Area being so expensive shouldn't be a reason for being ruled out. I will have about $800K of liquidity with my current home included, but it seems like I will go totally bankrupt if I were to buy home that will be slightly below the kind of home I current have here in expensive part of Virginia. So should the home price be the deal breaker so do movers end up renting even if they owned elsewhere?
The kind of home one buys in the Bay area will probably be one half or one third the size they would buy in most normal places. Or buy the same size home at 3 to 5 times the price.
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Old 02-02-2013, 11:53 AM
 
Location: AK, CA, FL, WA, AUS
6,823 posts, read 5,313,633 times
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That's why there are things called LOANS...
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Old 02-02-2013, 12:07 PM
 
Location: Lafayette, CA
2,518 posts, read 1,795,017 times
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If you're looking for "value" stay far away from the Bay Area. That train left the building in the mid-90s.
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Old 02-02-2013, 01:03 PM
 
179 posts, read 113,376 times
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I don't know what type of house you had in Virginia, but a $800k down payment will get you nice house in many parts of the bay area.
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Old 02-02-2013, 09:16 PM
 
1,553 posts, read 1,915,575 times
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Quote:
Originally Posted by charmed59 View Post
I don't know what type of house you had in Virginia, but a $800k down payment will get you nice house in many parts of the bay area.
In most middle class parts of bay areea you will at best get a tiny (about 1000 sq ft.) 2/3bed 1 bath 60 year old house with a tiny yard for 800k. Forget about updated kitchen and bath at that price.. You would be lucky if it is in move-in condition. If you put up with VERY long commute from deep east bay then you might get something that looks like an average American house.
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Old 02-02-2013, 09:46 PM
 
Location: Studio City, CA
116 posts, read 87,486 times
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Quote:
Originally Posted by andyadhi01 View Post
In most middle class parts of bay areea you will at best get a tiny (about 1000 sq ft.) 2/3bed 1 bath 60 year old house with a tiny yard for 800k. Forget about updated kitchen and bath at that price.. You would be lucky if it is in move-in condition. If you put up with VERY long commute from deep east bay then you might get something that looks like an average American house.
True i just paid 1.4 million for a 1900 sq ft house in Berkeley. Unless you want to live in some central valley town like concord or further you're going to be paying over a million.
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Old 02-02-2013, 09:56 PM
 
Location: Sacramento
8,346 posts, read 5,449,281 times
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Quote:
Originally Posted by andyadhi01 View Post
In most middle class parts of bay areea you will at best get a tiny (about 1000 sq ft.) 2/3bed 1 bath 60 year old house with a tiny yard for 800k. Forget about updated kitchen and bath at that price.. You would be lucky if it is in move-in condition. If you put up with VERY long commute from deep east bay then you might get something that looks like an average American house.
The 800k was just the down payment. Figuring a typical 20% down, yes, $4 million will get you a pretty nice house in many parts of the Bay Area. Even in Menlo/Atherton, $2-3 million will get you something that looks like middle-class housing.
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Old 02-03-2013, 12:07 AM
 
Location: Pleasanton Ca
835 posts, read 1,251,849 times
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Quote:
Originally Posted by Mark Fitsburgh View Post
True i just paid 1.4 million for a 1900 sq ft house in Berkeley. Unless you want to live in some central valley town like concord or further you're going to be paying over a million.
Concord is not Central Valley
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